Guardfolio Research · ETF Overlap
IWF vs SPY Overlap: 56.0% of Weight in Shared Holdings
IWF (iShares Russell 1000 Growth) and SPY (SPDR S&P 500) overlap by 56.0% of normalized weight through 172 shared securities, led by NVDA, AAPL, MSFT, GOOGL, AVGO. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
IWF and SPY overlap heavily: 56.0% of normalized fund weight is shared across 172 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification..
The Data
Exactly which securities IWF and SPY share
The table below shows the largest contributors to overlap across the licensed full holdings, with each fund's normalized weight and the lesser weight that counts toward overlap.
| Data basis | Licensed full holdings |
|---|---|
| Fund dates | IWF 2026-08-24; SPY 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | IWF weight | SPY weight | Shared (min) |
|---|---|---|---|
| NVIDIA (NVDA) | 15.07% | 7.88% | 7.88% |
| APPLE (AAPL) | 7.29% | 6.88% | 6.88% |
| MICROSOFT (MSFT) | 5.40% | 5.44% | 5.40% |
| ALPHABET CLASS A (GOOGL) | 6.05% | 3.06% | 3.06% |
| BROADCOM INC (AVGO) | 5.16% | 2.64% | 2.64% |
| ALPHABET CLASS C (GOOG) | 4.89% | 2.45% | 2.45% |
| META PLATFORMS CLASS A (META) | 2.98% | 1.83% | 1.83% |
| MICRON TECHNOLOGY (MU) | 3.28% | 1.65% | 1.65% |
| TESLA INC (TSLA) | 3.19% | 1.55% | 1.55% |
| ELI LILLY (LLY) | 3.02% | 1.50% | 1.50% |
| ADVANCED MICRO DEVICES (AMD) | 2.32% | 1.17% | 1.17% |
| VISA CLASS A (V) | 1.84% | 0.93% | 0.93% |
| MASTERCARD CLASS A (MA) | 1.41% | 0.71% | 0.71% |
| AMAZON.COM INC (AMZN) | 0.63% | 3.84% | 0.63% |
| PALANTIR TECHNOLOGIES CLASS A (PLTR) | 1.20% | 0.63% | 0.63% |
| LAM RESEARCH (LRCX) | 1.18% | 0.59% | 0.59% |
| APPLIED MATERIAL INC (AMAT) | 1.17% | 0.59% | 0.59% |
| CATERPILLAR INC (CAT) | 1.13% | 0.58% | 0.58% |
| COSTCO WHOLESALE CORP (COST) | 0.55% | 0.64% | 0.55% |
| NETFLIX (NFLX) | 1.00% | 0.51% | 0.51% |
| Total full-holdings overlap | 92.3% | 65.4% | 56.0% |
Showing the 20 largest contributors of 172 shared securities. The total uses every shared security.
The 56.0% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. IWF is dated 2026-08-24 with 99.961% retained coverage; SPY is dated 2026-08-24 with 99.897% retained coverage.
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Sector Picture
IWF vs SPY: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (74.0% combined sector overlap).
| Sector | IWF | SPY |
|---|---|---|
| Technology | 52.8% | 33.1% |
| Consumer Discretionary | 13.2% | 10.4% |
| Communication Services | 9.5% | 8.2% |
| Healthcare | 6.4% | 9.3% |
| Financial Services | 6.3% | 12.2% |
| Industrials | 5.7% | 8.6% |
The Verdict
Should you hold both IWF and SPY?
IWF and SPY overlap heavily: 56.0% of normalized fund weight is shared across 172 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
FAQ
IWF vs SPY overlap: common questions
How much do IWF and SPY overlap?
IWF (iShares Russell 1000 Growth) and SPY (SPDR S&P 500) overlap by approximately 56.0% of normalized weight across their licensed full holdings. They share 172 securities; the largest contributors include NVDA, AAPL, MSFT, GOOGL, AVGO, GOOG, META, MU. The separately dated sector reference shows 74.0% overlap.
What stocks do IWF and SPY both hold?
Both IWF and SPY hold NVIDIA (NVDA), APPLE (AAPL), MICROSOFT (MSFT), ALPHABET CLASS A (GOOGL), BROADCOM INC (AVGO), ALPHABET CLASS C (GOOG), META PLATFORMS CLASS A (META), MICRON TECHNOLOGY (MU) among their top positions. These shared names account for the 56.0% weight overlap.
Is it worth holding both IWF and SPY?
IWF and SPY overlap heavily: 56.0% of normalized fund weight is shared across 172 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
What is the difference between IWF and SPY?
IWF is a large-cap growth fund (US Large-Cap Growth, 0.19% expense ratio) and SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio). The dataset includes 367 IWF holdings as of 2026-08-24 and 504 SPY holdings as of 2026-08-24.
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